p. 3

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1863.

interested party adverse to the interest of the college, and will therefore look after her own interest to the manifest injury of the Institution.

I judge so from her management of the University lands, which have been disposed of in such a manner as to promote the interest of the state to the neglect of that of the University [University]. It may be right for the state to sell her own lands at very low prices for the purpose of securing settlement and improvement; but it is manifestly not right for her to use lands held only in trust [underlined] for other objects in this way, without making due compensation to the object of the trust. I hold that whatever benefit the State has derived from the sale of these lands below their proper value is a just debt to the University and ought to be paid. The State speculates out of these trust funds and pays her officers and hangers on out of the proceeds. Now a prudent individual would hardly entrust the sale of a quantity of land to to an agent who is personally interest in having it sold at the lowest possible price.

Michigan, with the same amount of land granted by Congress has so managed as to have an annual income for her University of $40,000.; While we have to managed to have a little more than $6,000.!!!

I would expend no money in making surveys, appraisements &c. Let a minimum price be fixed for the college lands and sell them only so fast as they reach that value.

Yours truly,

I.A. Lapham.

1049

-1219-
1863.

interested party adverse to the interest of the college, and will therefore look after her own interest to the manifest injury of the Institution.

I judge so from her management of the University lands, which have been disposed of in such a manner as to promote the interest of the state to the neglect of that of the Universoty [University]. It may be right for the state to sell her own lands at very low prices for the purpose of securing settlement and improvement; but it is manifestly not right for her to use lands held only in trust [underlined] for other objects in this way, without making due compensation to the object of the trust. I hold that whatever benefit the State has derived from the sale of these lands below their proper value is a just debt to the University and ought to be paid. The State speculates out of these trust funds and pays her officers and hangers on out of the proceeds. Now a prudent individual would hardly entrust the sale of a quantity of land to to an agent who is personally interest in having it sold at the lowest possible price.

Michigan, with the same amount of land granted by Congress has so managed as to have an annual income for her University of $40,000.; While we have to managed to have a little more than $6,000.!!!

I would expend no money in making surveys, appraisments &c. Let a minimum price be fixed for the college lands and sell them only so fast as they reach that value.

Yours truly,

I.A. Lapham.